Gold falls Rs 80 to Rs 60,120/10 gm; silver plunges Rs 800

New Delhi: Gold edged lower by Rs 80 to Rs 60,120 per 10 grams in the national capital on Tuesday amid a decline in the precious metal in global markets, according to HDFC Securities.

The yellow metal had closed at Rs 60,200 per 10 grams in the previous trade.

Silver also plunged Rs 800 to Rs 74,000 per kg.

Gold declined for the second consecutive day on Tuesday, with spot gold prices in the Delhi markets trading at Rs 60,120/10 gram down by Rs 80 per 10 gram, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

In the overseas markets, both gold and silver were trading lower at USD 1,932 per ounce and USD 23.09 per ounce, respectively.

The Federal Reserve’s potential to continue tightening monetary policy helps the dollar gain some momentum, which is seen as a major factor weighing on the price of gold.

In futures trade, the October contract of gold declined by Rs 50 to Rs 59,370 per 10 grams in afternoon deals on MCX. Silver futures also declined by Rs 225 to Rs 71,043 per kg on MCX.